Indices pare losses; IT stocks rally

Key benchmark indices came off day's low in mid-morning trade, supported by gains in IT shares. The Nifty struggled to regain 11,100 mark. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 103.13 points or 0.27% at 37,538.27. The Nifty 50 index was down 29.85 points or 0.27% at 11,075.60.

The S&P BSE Small-Cap index was up 0.12%. The S&P BSE Mid-Cap index was down 0.13%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 964 shares rose and 1086 shares fell. A total of 113 shares were unchanged.

Most IT shares advanced amid weak domestic currency. NIIT Technologies (up 2.05%), Tata Elxsi (up 1.86%), Tech Mahindra (up 1.53%), HCL Technologies (up 1.49%) , Infosys (up 1.22%), Zensar Technologies (up 1.19%), MphasiS (up 0.43%) and Wipro (up 0.34%) advanced. The S&P BSE IT was up 0.66% at 15,914.52.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.615, compared with its close of 71.48 during the previous trading session.

Jubilant Life Sciences gained 2.97%. The stock recorded volume of 5.4 lakh shares by 11:21 IST on BSE, a 10.27 times surge over two-week average daily volume of 48,000 shares. Volumes stood at 11689 shares in the last session.

Shares of Coffee Day Enterprises were locked in 5% lower circuit at Rs 82.75. Media reports suggested that private equity company, TPG Capital, held preliminary discussions on a possible acquisition of Coffee Day Global.

Most chemical and fertilizers stocks gained. Deepak Nitrite (up 1.99%), Chambal Fertilisers & Chemicals (up 1.59%), Tata Chemicals (up 1.09%), Nagarjuna Fertilisers and Chemicals (up 1%), UPL (up 0.74%), Coromandel International (up 0.64%) and Zuari Agro Chemicals (up 0.6%) advanced.

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